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来源类型Working Paper
规范类型报告
DOI10.3386/w27004
来源IDWorking Paper 27004
Shotgun Wedding: Fiscal and Monetary Policy
Marco Bassetto; Thomas J. Sargent
发表日期2020-04-20
出版年2020
语种英语
摘要This paper describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation, and (c) conditions that secure a "nominal anchor'' in the sense of a unique price level path. We contrast incomplete theories whose inputs are budget-feasible sequences of government issued bonds and money with complete theories whose inputs are bond-money strategies described as sequences of functions that map time t histories into time t government actions. We cite historical episodes that confirm the theoretical insight that lines of authority between a Treasury and a Central Bank can be ambiguous, obscure, and fragile.
主题Macroeconomics ; Monetary Policy ; Fiscal Policy
URLhttps://www.nber.org/papers/w27004
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584676
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GB/T 7714
Marco Bassetto,Thomas J. Sargent. Shotgun Wedding: Fiscal and Monetary Policy. 2020.
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